ECON vote reversed – EMIR all on track – start breathing again

According to Tom Riesack at CapCo in Germany, the vote rejecting the ESMA rules has been reversed:

Dear all,

On Monday the ECON had decided to put a resolution up for vote in the European Parliament (EP) to officially reject 2 of the 6 regulatory technical standards. The EP was required to vote today.

As it is the European Commission (who had endorsed all standards) has between Monday and today worked together with the ECON to come up with a satisfactory procedure for the future to ensure an aligned view on such standards.

This includes setting up an FAQ regarding the procedural preparation of standards in the area of EMIR and the prospect of amended standards based on market observations.

Based on this discussion the resolution has been withdrawn and the EP is not objecting to any of the standards.

That said, the timeline for the standards entering into force remains intact as stated on the ESMA homepage:
http://www.esma.europa.eu/page/European-Market-Infrastructure-Regulation-EMIR

Tom Riesack

Capco | Neue Mainzer Strasse 28 | 60311 Frankfurt am Main | GERMANY
T +49 69 9760 9156

M +49 172 256 23 12

http://www.capco.com/